Have you heard? Maybe not. It’s a story that’s making the rounds in the blogosphere. I don’t spend a heap of a lot of time in the blogosphere, this came to me by way of my dad. Here, check it out:
[From Feeling Misled on Home Price, Buyers Sue Agent – New York Times]
Great! That’s just what we Realtors need right now. Now, I’m not saying that some Realtors don’t deserve to be sued, and maybe they even be deserved to be sued for things they’ve told their clients about the future value of their real estate purchase. As I drive around in Watsonville and see house after for-sale house, and I see all the wave of foreclosures and short sales wreaking havoc on the community, I can’t help but think that yeah, there must be a few bad apples out there in Realtor and mortgage broker land.
I guess whatever poor Realtor sold that home failed to provide his clients with the handy “Market Conditions Advisory” form provided by our good friends, the California Association of Realtors. This advisory states, in part:
Real estate markets are cyclical and can change over time. It is impossible to predict future market conditions with exact accuracy … In a less competitive or “cool” market there are generally more sellers than buyers, often causing real estate prices to level off or drop, sometimes precipitously. In light of the real estate market’s cyclical nature it is important that buyers understand the potential for little or no appreciation in value, or the actual loss in value, of the property they purchase.
That pretty much sums it up! Too bad this form isn’t actually required. I’ve never used it. It’s not one of the forms on the checklist we need to close the file after escrow. Note to self: start getting buyers to sign this form, especially the ones I think might turn around and sue the bejesus out of me. 🙂
Find your Place
